Pension and postretirement benefits

9 Months Ended

Sep. 30, 2013

Notes to Financial Statements [Abstract]

Pension And Other Postretirement Benefits Disclosure Text Block

Note 29 – Pension and postretirement benefits

The Corporation has a non-contributory defined benefit pension plan and supplementary pension benefit restoration plans for regular employees of certain of its subsidiaries. The accrual of benefits under the plans is frozen to all participants.

The components of net periodic pension cost for the periods presented were as follows:

		Pension Plan				Benefit Restoration Plans
		Quarters ended September 30,				Quarters ended September 30,
(In thousands)		2013		2012		2013		2012
Interest Cost	$	6,966	$	7,495	$	373	$	393
Expected return on plan assets		(10,804)		(9,810)		(542)		(526)
Amortization of net loss		5,363		5,426		332		323
Total net periodic pension cost (benefit)	$	1,525	$	3,111	$	163	$	190

		Pension Plans				Benefit Restoration Plans
		Nine months ended September 30,				Nine months ended September 30,
(In thousands)		2013		2012		2013		2012
Interest Cost	$	20,897	$	22,486	$	1,120	$	1,179
Expected return on plan assets		(32,412)		(29,430)		(1,625)		(1,578)
Amortization of net loss		16,089		16,277		998		969
Total net periodic pension cost (benefit)	$	4,574	$	9,333	$	493	$	570

The Corporation did not make anycontributions to the pension and benefit restoration plansduring the quarter ended September 30,2013. The total contributions expected to be paid during the year 2013 for the pension and benefit restoration plans amount to approximately$51 thousand.

The Corporation also provides certain postretirement health care benefits for retired employees of certain subsidiaries. The table that follows presents the components of net periodic postretirement benefit cost.

		Postretirement Benefit Plan
		Quarters ended September 30,				Nine months ended September 30,
(In thousands)		2013		2012		2013		2012
Service cost	$	564	$	548	$	1,693	$	1,642
Interest cost		1,712		1,950		5,136		5,851
Amortization of prior service cost		-		(50)		-		(150)
Amortization of net loss		473		540		1,419		1,621
Total net periodic postretirement benefit cost	$	2,749	$	2,988	$	8,248	$	8,964

Contributions made to the postretirement benefit plan for the quarter ended September 30, 2013amounted to approximately $1.7 million. The total contributions expected to be paid during the year 2013 for the postretirement benefit plan amount to approximately $6.8million.